LaBranche & Co. Inc. Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by Cowen Group, Inc.
18 February 2011 - 3:22AM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the securities litigation law firm of
Powers Taylor, LLP are investigating potential legal claims against
the Board of Directors of LaBranche & Co. Inc. (“LaBranche” or
“LAB”) (NYSE: LAB) related to the proposed buyout of LaBranche by
Cowen Group, Inc. (NASDAQ: COWN). The definitive acquisition
agreement, which was announced on February 17, 2011, involves a
total transaction valued at approximately $192.8 million under
which LaBranche shareholders will receive a fixed ratio of only
0.9980 shares of Cowen Class A common for each share of
LaBranche/LAB common stock they hold.
The investigation relates to the fairness of the proposed
transaction to LaBranche shareholders, possible breaches of
fiduciary duty and other violations of state law by the Board of
Directors of LaBranche for approving this transaction, and whether
LaBranche’s Board of Directors acted in the shareholders’ best
interests. This stock-for-stock transaction reportedly represents a
value of only $4.71 per share to LaBranche shareholders, based on
the closing price of Cowen shares the day before the acquisition
announcement. However, LaBranche shares closed as high as $5.98 per
share as recently as April 19, 2010, and the shares closed at over
$5.00 per share in May 2010. Based on these and other factors, the
firms believe that the acquisition price may not be fair for
LaBranche shareholders.
If you currently own shares of LaBranche/LAB and would like
additional information regarding this investigation, or if you have
information regarding the allegations involved in this transaction,
please contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie
Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or
via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or
fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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